Despite the current massive growth in crypto markets, there were times when exchanges and other market intermediaries were illiquid, fragmented, insecure for custody, and costly. Between 2014 and 2019, I was heavily involved in running a bitcoin arbitrage fund in Switzerland. I created strategies when it was still legal to trade bitcoin in China, before Bitfinex was hacked, and when the US-based exchanges (Kraken, Coinbase, itBit, CEX) and Bitstamp had price discrepancies ranging from 0.5% to...